If you are planning to purchase a home or business property, you will probably think of getting a property tax loan. property tax loans help many owners to pay their assets’ property taxes on time and in turn save them substantial amounts of money on penalties and fines.
Here are the 4 things you need to know:
#1 – There are good tax loan companies and bad ones. A good company will work with you to find the best possible solution for your unique situation. They’ll also have access to all of the most current and accurate information on tax laws, so they’re able to give you accurate estimates of how much money you’ll need and what it’ll take to qualify for a loan. If a company can’t answer these questions for you, consider going somewhere else for help!
#2 – You can and should look for a competitive offer. This means that even if one company has great customer service and reputation, if another offers better terms or rates, then it’s worth taking a look at their offer as well.
#3 – Property tax loans apply to residential and commercial properties alike! Just make sure that whatever kind of property you own has enough equity in it so that it can be used as collateral if something goes wrong and your property needs to be sold off for whatever reason (like foreclosure). In this case, there should still be enough money left over after paying off all outstanding bills (including taxes).
#4 – A property tax loan can stop or prevent a foreclosure
If you’ve fallen behind on your property taxes, it’s a good idea to know that there are ways to get caught up without selling your home. A property tax loan (or a tax lien) is one option. It’s basically like getting a second mortgage—a lender gives you money in exchange for the right to collect taxes on the property if you don’t pay them back in time.
While getting a property taxes loan does have its advantages, it is important to stay on top of your loan and make sure you are aware of the factors listed above. This will not only help keep your financial records up to date for the lender, but it will also prevent any future headaches or heartaches if you ever go to sell your property.
Monica Davis, Operations Manager for Home Savers Community Group. Specializing in assisting property owners with saving their home with a property tax loan.